Topic: How to determine the price of a product in bitcoin - page 2. (Read 2154 times)
From my uderstanding Bitcoin is the one who needs to adjust its price. For example you will be buying shoes worth 220$ as of the moment it is .28 Btc but it can go as low as .25 Btc or it can go as high as .33. It really depends on when you buy it because shops won't let you take advantage about the value of Bitcoin because they will be the one who will lose.
For many online shops that sell their products for real money and accept bitcoin as a mean of payment usually ask you to pay the product's price in us or euro in bitcoin, but the ones that are made specifically so that you must pay in bitcoin use this method just to make a huge profit out of it . and they set their own price for the product.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
How about pricing it in dollars or in native currency and then at the point of paying the bill, accept to take payment in bitcoin at the rate of Bitcoin/USD at that very moment. There are facilities which the business can use to immediately convert the bitcoin back to dollars or native currencies.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
You can use a bitcoin widget code, something like this: https://code.tutsplus.com/tutorials/adding-bitcoin-payment-processing-to-your-website--net-33098
You don't need to set the price in BTC but have a price in USD or your local currency that's stable and the code will convert the amount into BTC and the user can then buy the specified product from your website. You would need to exchange it then via the bitcoin exchange websites to earn fiat.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
Use preev.com
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
If you are building a business regarding on having bitcoin payments or prices then its quiet a bit of hassle.You could do both options ex. setting the exact amount of bitcoin on exact dollar price that you would like to put the risk of having profit or negative is always there thats why make some allowances ahead on profit but dont put too much since it would be already expensive just put up a competitive price.Actually i cant illustrate furthermore because i dont have any intentions to have business out of bitcoin because of fluctuations. How can we price it ? Should the price change also like btc?
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
That online shop could sell their items in USD and then convert it to BTC in real time updates via usd to btc converter such as Preev.comHow can we price it ? Should the price change also like btc?
This way, even if the price did change the money that the shop receive in USD is still almost the same
or use Bitpay, they will automate the process of converting the currency, the owner of the shop just need to set it up and everything will be good
Third party payment processors offers merchants the option to say how much of the btc it receive are being converted to fiat. If they do not
want to use btc, they simply convert everything into fiat. These services charge a fee on top of the normal fees being charged, so you just
have to work that into your pricing structure.
They have options where the first 30 tx's are free and then you are charged 1% tx fee.
want to use btc, they simply convert everything into fiat. These services charge a fee on top of the normal fees being charged, so you just
have to work that into your pricing structure.
They have options where the first 30 tx's are free and then you are charged 1% tx fee. 
that is one of the problem with bitcoin, some local shop hesitate to adapt bitcoin because the price is unstable especially with the shop that has small profit item like small store, supermarket, it is too much work if they need to change the price everyday, and if the price suddenly go down then the shop wont earn any profit, if the price up, people will choose to buy in another place
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
First of all, you should distinguish between price and value
The major difference between the two is that the price of Bitcoin may change even if the value of Bitcoin remains the same. This happens when, for example, the currency in which Bitcoin is priced changes its value itself. Further, if your accounting is done in some other currency than the US dollar, you should obviously use the Bitcoin prices denominated in your local currency, since it will be your base currency in which you will pay taxes and wages, a reference point of sorts. Consequently, you should price the goods you sell with the reference to that currency, and change the price accordingly. Many sellers which work with foreign currencies often increase the trade margins so as to avoid changing the price too often and not be subject to sudden changes in exchange rates
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
If the Value of Bitcoin Versus Fiat Currency change or move, the BTC price would still be the same but the value will definitely increase and there are currency converter that I am using to check the value of bitcoin and there are sites that monitor bitcoin movement you can surely know the value of bitcoin every time it changes.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
If you know the value of something you want to sell in real money the price of it in bitcoin can be found very easy. Convert the price in real money in bitcoin and you will have the price you want. Adjust it how time you want if the price of bitcoin change and have nothing else to do.
That is very possible to do but at what percentage you can mark up to follow the price of bitcoin fluctuations? Or maybe you can take the average bitcoin value plus 20% plus markup? or even higher?
To encourage customer use bitcoin, I suggest giving some discount (1-5%) instead of 20% markup.
In order to avoid people abusing the price fluctuation its better to have a system where you can price the BTC real time. I think paypal and some other BTC payment portal can do that right?
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
If you know the value of something you want to sell in real money the price of it in bitcoin can be found very easy. Convert the price in real money in bitcoin and you will have the price you want. Adjust it how time you want if the price of bitcoin change and have nothing else to do.
That is very possible to do but at what percentage you can mark up to follow the price of bitcoin fluctuations? Or maybe you can take the average bitcoin value plus 20% plus markup? or even higher?
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
If you know the value of something you want to sell in real money the price of it in bitcoin can be found very easy. Convert the price in real money in bitcoin and you will have the price you want. Adjust it how time you want if the price of bitcoin change and have nothing else to do.
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We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
i think i don't know how we can price it in fiat, maybe they use market exchanger for the rate of the product they sold because for the example, if i want to buy prepaid card, the price is in fiat but there is an option to change with bitcoin, and if i see on market exchanger, the rate is have small difference than the online shop, and i think its because they need to make profit even for just small profit.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
That goes with using Bitcoin,it's an advantage and disadvanatage to both buyer and seller but seller need to adjust the price to attract more buyers,bitcoin is now rising and the price of what you are selling could double if you are not watching the price.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
How can we price it ? Should the price change also like btc?
Most online shopping (those accept Bitcoin) have their product price listed in USD accept Bitcoin as alternative payment so when some buy from such site the Bitcoin quantity automatically adjusted according current price of Bitcoin.
We all know that bitcoins price changes quickly because of its demand So if some online shop sells products and pricing it in bitcoin,
How can we price it ? Should the price change also like btc?
There is no problem if online shop sells products in bitcoin as the price based on market prices in fiat money.How can we price it ? Should the price change also like btc?
Since bitcoin price not stable yet, so every price of goods automatically fluctuate according to bitcoin exchange rate to fiat money because we use fiat in daily expenses.
What problem is if you sells goods at conventional stores (offline), the price can't instantly change following bitcoin value except you tag the price in fiat money and could pay it in bitcoin or fiat.
I think yes, update is necessary. The best thing is to define the price of some product in fiat money firts and then convert it to Bitcoin price. But if Bitcoin price goes up or down there is no sense to keep the price the same because then your product could be too expensive or too cheap. But I saw many examples where selleres define the price in Bitcoin and that sum remains the same all the time because they don't estimate how much is the product worth in fiat, they just want to get certain amount of Bitcoins for it.
If I'm going to do this, I'll:
1. Go to https://bitcoinaverage.com/ and get the current price ($784.19 as of the time I'm typing this line)
2. Calculate the bitcoin amount of the USD amount you wanted to sell the item for (e.g. in my this thread, it is $1.20 = BTC0.00153024 as the price above)
3. Mark up it for 5-10% to a rounded amount (in that case, BTC0.0016). This is needed unfortunately due to the volatility of the market
4. Sell the product!
---OR---
1. Sell the item for '$X in bitcoins' and mention which site to reference the bitcoin price
2. After you found a buyer, go to that site and get the latest price at that moment
3. Calculate the equivalent BTC amount. No need (and don't!) mark up the price this time.
4. Success!
Unfortunately if the bitcoin price crashed more than 10% in a day (though unlikely but had actually happened), you will get a loss. You may want to keep the bitcoins as an investment for a hope that they will rise again.
1. Go to https://bitcoinaverage.com/ and get the current price ($784.19 as of the time I'm typing this line)
2. Calculate the bitcoin amount of the USD amount you wanted to sell the item for (e.g. in my this thread, it is $1.20 = BTC0.00153024 as the price above)
3. Mark up it for 5-10% to a rounded amount (in that case, BTC0.0016). This is needed unfortunately due to the volatility of the market
4. Sell the product!
---OR---
1. Sell the item for '$X in bitcoins' and mention which site to reference the bitcoin price
2. After you found a buyer, go to that site and get the latest price at that moment
3. Calculate the equivalent BTC amount. No need (and don't!) mark up the price this time.
4. Success!
Unfortunately if the bitcoin price crashed more than 10% in a day (though unlikely but had actually happened), you will get a loss. You may want to keep the bitcoins as an investment for a hope that they will rise again.
Your calculation and idea is good but i think he can implement a software where it will calculate the price from the site and update it in every hour in his site so that nor he or the purchaser gets loss in the deal. If Op is going to deal the product sale manually then he can do it when ever a purchaser enquirers about the product and OP can give the current price according to the bitcoin market price
Yes the price needed to update regularly. But if OP don't want the price in BTC being changed many times during the sale, a markup is needed.
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